COPENHAGEN, Denmark —  Danish jewellery maker Pandora, which is struggling to revive its brand amid sluggish sales, said on Tuesday it had seen an improvement in the fourth quarter but that it would not return to sales growth this year.

Shares in Pandora have risen around 20 percent since it said on January 6 that it would meet its 2019 sales and profit margin forecast, which investors took as a sign that attempts to turn around the jeweller could be paying off.

“We have made significant changes in a very short time, and the results in Q4 give us confidence. Consumers are responding positively to our commercial initiatives,” said Chief Executive Alexander Lacik.

Pandora expects organic sales growth this year of -3 percent to -6 percent, an improvement from last year’s drop of 8 percent. It expects an operating profit margin, excluding restructuring costs, of 23 percent, compared with 26.8 percent in 2019.

But the forecasts do not account for any impact from the coronavirus in China, where it has closed 53 of its 237 shops.

“In recent weeks, the coronavirus has led to an unprecedented decline in consumer traffic in China and Hong Kong. Due to the unpredictable nature of the situation, the full-year impact cannot be reasonably estimated at this point in time,” Pandora said in a statement.

Fourth-quarter earnings before interest tax (EBIT) and excluding restructuring costs were 2.81 billion Danish crowns ($416 million), above the 2.75 billion crowns expected by 16 analysts in a poll compiled by Pandora.

By Stine Jacobsen; editors: Christian Schmollinger and Louise Heavens